Uber CEO Says He's Raising A Massive Round Of Financing That Could Be 'Record Breaking'

Uber CEO Travis Kalanick confirmed his car service startup is
raising a boatload of cash. Kalanik, a known hype-machine, told
Re/code's
Kara Swisher the round could be "record-breaking."

Previous reports peg
Uber's new valuation between $10—17 billion. The company is
said to be raising more than $500 million. Part of the reason
Uber is raising so much is because it still needs to make a lot
of key hires. Kalanick told the audience that he'd be hiring
political consultants to help Uber expand to more cities. The
mobile hailing app is currently available in more than 150
places.

Uber also wants a war chest to protect itself against a slew of
competitors that have gained steam. Kalanick specifically called
out Lyft, a car company that works like Uber, and said his
company is "20 times bigger."